Social Value: A Study in Economic Theory, Critical and ConstructiveAnderson, Benjamin M. (Benjamin McAlester)
General
Social Value: A Study in Economic Theory, Critical and Constructive
Anderson, Benjamin M. (Benjamin McAlester)
Value
It is by turning, then, to the concrete whole of social-mental life, and
especially to the moral and legal values of distribution, that we break the
circle[176] of our economic values. Economics has failed to profit by the
example of the other social sciences here. Ethics has frankly recognized
the tremendous import of economic values for ethical values. Jurisprudence
has frankly accepted the fact that law grows, in large part, out of
economic needs--even though it remains behind the needs of the present
economic situation. But economic theory has sought to make itself too much
a thing apart, to isolate its phenomena from other phases of social life,
and has busied itself exclusively with "utility" and "cost" and "prices,"
and the like. And where the economist has consented to consider the
relations between his own field and adjacent fields, he has done so with a
preconception of the priority of his own phenomena, and his results have
been an "economic" interpretation of history, ethics, jurisprudence, etc.
That the economic interpretation of the other fields has much to commend it
is certain, but it is equally certain that law and morality react on
economic values, especially in the higher stages of civilization. This has
been so fully and convincingly stated by Professor Seligman, in his
_Economic Interpretation of History_, that I forego further elaboration
here. One comment is necessary however: even though we might grant Marx and
Buckle that the physical environment and the progress of economic
technique are of ultimate ruling significance for the direction of social
progress, it is still a far cry from that doctrine to the doctrine that the
"utilities" and "costs" directly connected with the production and
consumption of economic goods, in the minds of individual men, are an
adequate explanation of anything.
Public-domain text, read in full here on John Shaqi.
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